Dunces with dollars

Saturday 6 March 2004

The organisation that regulates Britain's personal investment industry is increasingly alarmed by many investors' financial ignorance.

By The Landlord

The Financial Services Authority says understanding is being held back "by the very low basic skill levels in numeracy and literacy of many adults".

A survey published in November found that nearly seven million adults (21 per cent of the adult population) had numeracy skills at "entry level 2 or below" - lower than expected of 11-year-olds.

Examples of financial literacy skills include understanding monetary values presented in different formats, and making value-for-money judgments of different products, which may involve comparing percentages and understanding graphs.

The survey assessed skills across a range of topics. The "entry level 2 or below" group did best on questions about money, but only half the group answered questions about charts and tables correctly and only a fifth got the right answers to questions about fractions, proportions and percentages.

Read More - Opens in a new window
Commenting is closed

Property News

Price expectations spiral down

Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.


Industrial holdings leave Provincia in strong position

Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.


Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer